Midway through trading Friday, the Dow traded up 0.06 percent to 21,409.43 while the NASDAQ climbed 0.24 percent to 6,251.37. The S&P also rose, gaining 0.19 percent to 2,439.20.
Leading and Lagging Sectors
Basic materials shares rose by 0.70 percent in the US market on Friday. Top gainers in the sector included KMG Chemicals, Inc. KMG, Cliffs Natural Resources Inc CLF, and Bemis Company, Inc. BMS.
In trading on Friday, healthcare shares fell by 0.10 percent. Meanwhile, top losers in the sector included Arena Pharmaceuticals, Inc. ARNA, down 5 percent, and Regeneron Pharmaceuticals Inc REGN, down 4 percent.
Top Headline
BlackBerry Ltd BBRY reported an unexpected profit for the first quarter. However, sales trailed expectations. The company also announced a stock buyback program.
BlackBerry posted non-GAAP earnings of $0.02 per share versus break-even results a year ago. Non-GAAP revenue came in at $244 million, missing the consensus of $264.51 million.
Equities Trading UP
AVEO Pharmaceuticals, Inc. AVEO shares shot up 87 percent to $1.36 after the company reported positive CHMP opinion for tivozanib for the treatment of advanced renal cell carcinoma.
Shares of Synchronoss Technologies, Inc. SNCR got a boost, shooting up 37 percent to $16.63. Synchronoss Technologies confirmed the receipt of indication of interest from Siris Capital Group to acquire all outstanding shares for $18 per share in cash.
Cara Therapeutics Inc CARA shares were also up, gaining 16 percent to $22.99 after the company disclosed that it has received Breakthrough Therapy designation for IV CR845 for the treatment of chronic kidney disease-associated pruritus in hemodialysis patients.
Equities Trading DOWN
TOP SHIPS Inc TOPS shares dropped 62 percent to $0.920 after the company effected a 1:15 reverse stock split.
Shares of BlackBerry Ltd BBRY were down 12 percent to $9.72. BlackBerry reported better-than-expected earnings for its third quarter, while revenue missed expectations.
Bed Bath & Beyond Inc. BBBY was down, falling around 12 percent to $29.79 after the company reported weaker-than-expected results for its first quarter.
Commodities
In commodity news, oil traded up 0.63 percent to $43.01 while gold traded up 0.61 percent to $1,257.00.
Silver traded up 1.04 percent Friday to $16.745, while copper rose 1.15 percent to $2.64.
Eurozone
European shares were lower today. The eurozone’s STOXX 600 fell 0.25 percent, the Spanish Ibex Index fell 0.74 percent, while Italy’s FTSE MIB Index declined 0.46 percent. Meanwhile the German DAX declined 0.51 percent, and the French CAC 40 dropped 0.28 percent while U.K. shares fell 0.03 percent.
Economics
The preliminary reading of Markit manufacturing PMI declined to 52.1 in June, compared to 52.7 in May. However, economists were expecting a reading of 53 for June. The preliminary services PMI declined to 53 in June, from 53.6 in May. Economists projected a reading of 53.7 for June.
New-home sales rose 2.9 percent to an annual rate of 610,000 in May. However, economists were expecting a 597,000 pace.
Cleveland Federal Reserve Bank President Loretta Mester will speak in Cleveland, Ohio at 12:40 p.m. ET.
The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.
Federal Reserve Board Gov. Jerome Powell is set to speak at the Federal Reserve Bank of Chicago Symposium at 2:15 p.m. ET.
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